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Why is Arrows looking at my CR?


schellmis63
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More than likely. The loophole in the FCRA indicates permissible purpose for the review or collection of an account. CAs will pull your report when they're assigned the account.

If you're sent a notice and dispute it, they cannot move to place the collection on your reports, or view your report - the FDCPA clearly states they are to cease all collection activity.

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Don't wait for the mail to come -- they could very well report it on your credit without contacting you first (although, if you live in California, that is a violation, and as soon as the new FCRA goes into affect, it will be a violation everywhere). Send them a PP and DV letter combined right away -- that will prevent them from reporting on your credit until they validate the debt, or at least give you one more violation against them.

I have heard around that sometimes they will pull your credit before they have either bought or been assigned the account. If that is true, they may not have had PP to pull your credit and they owe you -- you peek, you pay.

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I don't know when it is going into effect -- I think the FTC is supposed to decide that. From what I understand, it says that NOBODY can report negative info on you without notifying you first.

Is that really true!?!

What section is that in? That's a provision that's looooonnnnggg overdue.

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I goofed -- I didn't read the whole thing, but the only part I found that related to this has to do with OCs, not CAs.

It's 623(a)(7).

I am going to have to read the whole thing -- I was really excited that CAs wouldn't be able to report without notifying the consumer, but I think I was wrong about that. :cry:

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§ 623. Responsibilities of furnishers of information to consumer reporting agencies

(7) Negative Information

(A) Notice to Consumer Required

(i) In general. If any financial institution that extends credit and regularly

and in the ordinary course of business furnishes information to a consumer reporting agency described in section 603(p) furnishes negative

information to such an agency regarding credit extended to a customer,

the financial institution shall provide a notice of such furnishing of

negative information, in writing, to the customer.

(ii) Notice effective for subsequent submissions. After providing such notice, the financial institution may submit additional negative information to a consumer reporting agency described in section 603(p) with respect

to the same transaction, extension of credit, account, or customer

without providing additional notice to the customer.

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Don't wait for the mail to come -- they could very well report it on your credit without contacting you first (although, if you live in California, that is a violation, and as soon as the new FCRA goes into affect, it will be a violation everywhere). Send them a PP and DV letter combined right away -- that will prevent them from reporting on your credit until they validate the debt, or at least give you one more violation against them

I'm in the same boat. 3 Hard inquiries by Arrow in 6 months and no collections yet? What am I asking them to validate? I havent seen a sample letter on PP anywhere, and I'm having a hard time finding a good thread specificaly geared towards PP?

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Yes, they have two hard pulls and no referance why, no collections.

I think this is illegal. There is an advocate (lawyer who is looking for people who have dealings with them, but this is for the state of Ill.

DocDon had cut and pasted some info but I am sorry, I don't understand it. Thanks DocDon, I just don't have the patients to read between the lines but I will go back and read it.

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Ok, so what you guys are saying is that we should shoot a CA a letter like J.'s even if they haven't sent a letter of collection or reported to the CRA yet? The main reason for this is to remove a "hard" inquiry or is there another reason? Just checking to be sure I understand the reasoning behind this before I light out on someone that has done nothing - yet - except pull my report.

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Ok, so what you guys are saying is that we should shoot a CA a letter like J.'s even if they haven't sent a letter of collection or reported to the CRA yet? The main reason for this is to remove a "hard" inquiry or is there another reason? Just checking to be sure I understand the reasoning behind this before I light out on someone that has done nothing - yet - except pull my report.

Thats exactly why I'm doing-and to see if will work. Its on my TU report only so its not really impacting me that much. But what the heck-its worth a try. And if they are holding some old debt of mine, this might keep it from ever going any farther.

J

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Hi J.

Be sure you keep us posted. I have one from Arrow I would like to get removed. There is another one that I just noticed on TU dated 3/15 called Asset, LLC but it states for "financial, personal" reasons. I have not made application for anything for years so I don't know what to make of it.

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